• Gold has bounced near the support at 1442 (see also the low of the declining channel). It is now back close to the resistance area between 1486 (26/04/2013 high) and 1496 (15/04/2013 high, see also 61.8% retracement). An hourly support lies at 1465 (intraday low). • The recent rise is viewed as a rebound within an underlying downtrend. • Indeed, gold has broken to the downside out of its long-term horizontal range defined by the support at 1523 (29/12/2011 low) and the resistance at 1803 (08/11/2011 high). The implied medium-term downside risk is 1287. A key support is at 1308 (28/01/2011 low). (full story)